People continue to place money into building society savings accounts, new research shows.
Data released by the Building Societies Association (BSA) reveals that £853 million was placed in mutual savings accounts in May - the highest figure for this month since 2002.
Adrian Coles, director-general of the BSA, said: " High interest rates offered by societies, coupled with attractive product ranges, have seen customers continuing to flock to societies with their savings."
He added that the economic uncertainty means people are keener to put money into savings accounts and see building societies as a safer option.
Mutual institutions are currently offering attractive interest rates on their savings accounts and people are taking advantage of these, Mr Coles stated.
Last week, Kevin Mountford, head of savings at Moneysupermarket.com, stated there are currently 13 providers offering fixed-rate bonds with an interest rate at least seven per cent - the highest figure for a decade.
Building Society savings accounts still popular, figures show
Financial Services > Savings > Savings and Investments News
Building Society savings accounts still popular, figures show
Wed, 02 Jul 2008
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